| Sales
Price |
259,000
|
|
|
|
|
|
| Tax Rate |
0.0246 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
5% Down |
10% Down |
20% Down |
FHA |
|
|
| Loan Information |
|
|
|
| Principal/Amount Financed |
246,050 |
233,100 |
207,200 |
124,338
|
|
|
| Annual interest |
6.250% |
6.250% |
6.250% |
6.500% |
|
|
| Term (years) |
30 |
30 |
30 |
30 |
|
|
| Periods per year |
12 |
12 |
12 |
12 |
|
|
| No. of payments |
360 |
360 |
360 |
360 |
|
|
|
|
|
|
|
|
|
| Monthly Payment Analysis |
|
|
|
| Principal
Interest Payment |
1,514.97 |
1,435.24 |
1,275.77 |
785.90 |
|
|
| Property tax Payment |
530.95 |
530.95 |
530.95 |
530.95 |
|
|
| Mortgage Insurance Policy |
159.93 |
102.95 |
0.00 |
51.81 |
|
|
| Hazard Insurance |
97.39 |
92.27 |
82.02 |
49.22 |
|
|
| Total Monthly Mortgage
Payment |
2,303.25 |
2,161.41 |
1,888.73 |
1,417.87 |
|
|
|
|
|
|
|
|
|
| Income/Debt Analysis |
|
|
|
| Income to
Qualify |
8,225.89 |
7,719.31 |
6,745.47 |
4,889.21 |
|
|
| Max. Monthly Debts |
658.07 |
617.55 |
539.64 |
586.71 |
|
|
| Total Monthly Debt &
Mortgage Pmt |
2,961.32 |
2,778.95 |
2,428.37 |
2,004.58 |
|
|
|
|
|
|
|
|
|
| Closing Cost Analysis |
|
|
|
| Required
Initial Down Payment |
12,950.00 |
25,900.00 |
51,800.00 |
3,500.00 |
|
|
| Approx. Closing Costs |
4,098.50 |
3,969.00 |
3,710.00 |
2,415.00 |
|
|
| Approx. Prepaids |
4,557.75 |
4,362.86 |
3,872.05 |
2,314.70 |
|
|
| Total Dwn Pmt/Closing
Costs |
21,606.25 |
34,231.86 |
59,382.05 |
8,229.70 |
|
|
| Reserves Required |
6,909.75 |
4,322.82 |
3,777.47 |
N/A |
|
|
| Settlement
costs above are an estimate only |
3 mo. |
2 mo. |
2 mo. |
N/A |
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|